Yes, I am breaking my rule and writing about tax reform for the third consecutive time. Alas, I can’t help it. Nancy Pelosi and Chuck Schumer are not stupid. They know their personal tax payments are probably going to increase. I know mine will. The difference between Chuck, Nancy and me is that I know those on the upper end of the economic ladder are not getting tax breaks, and the lower middle and middle class are. Well, actually, Chuck and Nancy know that too. They are just too entrenched in the politics of envy to tell the truth to their constituency. Shame on them.
Immediately following the passage of the tax reform bill yesterday, several Fortune 500 companies announced they would be distributing bonuses to their employees. I thought it was a moment reminiscent of the Little Rascals. Click here for a 10 second trip down memory lane. Hundreds of thousands of Americans are already feeling the benefit of this tax reform bill, and it hasn’t even taken effect! Click here to read what USA Today had to say. Concurrent with the myriad positive announcements, Mr. Schumer was outlining how the tax bill would have no meaningful impact on America’s working men and women. Click here for that nonsense. Whoops!
Facts are facts, and they are prickly little things when they don’t fit the populist narrative.
Before my centrist friends accuse me of going all hard-ass on them, let me be clear; the GOP is still a fractured lot, and the President manages to boggle the mind with some regularity. But folks, this bill is good for our country, and as its benefits become more and more clear, all but the willfully blind will recognize and acknowledge the benefits. The willfully blind include the likes of Paul Krugman, a Nobel Prize winning economist. Check out this article he wrote. An excerpt (if you, as I, feel nauseous reading too much Krugman) now follows. ” The core of the bill is a huge redistribution of income from lower- and middle-income families to corporations and business owners. Corporate tax rates go down sharply, while ordinary families are nickel-and-dimed by a series of tax changes, no one of which is that big a deal in itself, but which add up to significant tax increases on almost two-thirds of middle-class taxpayers.” I left his link to to the progressive Tax Policy Center data intact. Have at it. Krugman has never encountered a Republican policy he doesn’t disdain, and he has been wrong since God was a small child. The discipline of economics has always been too closely linked to political dogma. Paul Krugman is the poster child for that statement.
One can do anything one wants with data. The Tax Cuts and Jobs Act of 2017 will rest on its own result-based laurels.
If the GOP will now muster up the nerve to take on run-away entitlement spending before the mid-term 2018 elections, they may just be able to overcome the general sentiment that they don’t get much done!
More to Follow-